A modern business document storage system uses cloud computing for easier file access and better cybersecurity standards

Business document storage looks much different today than it did even a few years ago. Now, employees can access whatever they need from wherever they’re working, thanks to widespread cloud computing and inexpensive online storage.

If your business is ready to embrace a digital document storage strategy, our guide will walk you through the basic terminology and tools. We’ll cover the benefits and challenges of moving to an online storage system, as well as how having the right hardware and software can streamline the process. To get started, all you need is a document scanner and a cloud storage plan.

Keep reading to learn more about document storage for businesses:

What is business document storage?

Broadly speaking, business document storage refers to any way that companies store the important documents that they need to function. However, not every approach to business document storage is equally effective. For example, you could store physical paperwork in filing cabinets, but that takes a lot of office space and puts hard limits on how employees can access documents. If you store digital files on a local server, you’ll save space, but offering remote access is tricky, and you’re out of luck if that server goes down. Forward-thinking companies should look into dedicated document storage systems with cloud service connectivity.

Document storage systems allow you to control storage, sharing, tracking, and organization of digital or digitized files. Managing your business, client, and vendor information with a document storage solution is efficient and convenient. It also makes sense from a cybersecurity perspective, thanks to access controls, password protections, and document encryption.

Companies that have to follow a lot of regulations, such as those in the legal, healthcare, finance, or government sectors, may especially benefit from a robust document storage system because managing documents securely can help with compliance.

Before you can implement your company’s document storage ideas, you’ll need three things:

• Document scanner: A high-quality document scanner, such as the Ricoh fi-8170, can help businesses turn physical paperwork into digital files. This process is called digitization, and it can be the backbone of a business document storage strategy.
• Scanning software: Powerful scanning software uses optical character recognition (OCR) technology to identify scanned text and make it editable, indexable, and searchable. Programs like Ricoh’s PaperStream Capture can also tag scanned files with metadata and sort them into specified folders.
• Cloud storage: After digitizing important paperwork, businesses should upload it to a cloud storage service, where employees can access it as needed. Cloud storage is convenient and secure, provided you take the time to configure your organization’s access privileges and restrictions.

What are cloud document storage services?

The cloud has unlocked the potential for increased productivity in ways few other modern tools have. Essential documents are no longer limited to a single network. Instead, small businesses and enterprises can keep files secured in a centralized location for instant collaboration.

Whether through free accounts or paid subscriptions, cloud document storage solutions provide access to digital documents, photos, and critical files across any number of computers and mobile devices. Many even provide document and photo editing capabilities, enhanced security features, and other perks.

There are dozens of cloud document storage options out there, but some of the most common ones are Google Drive, Microsoft OneDrive, and Dropbox. If you don’t have much experience with cloud computing, you may want to start your research with these three programs. If none of them seems like a good fit, you may need a more specialized system for your industry.

Benefits of online document storage

A digital approach to business document storage can be good for your company’s productivity, cybersecurity, and operating expenses:

• Improved collaboration: Businesses that store documents online can improve their ability to collaborate on projects. Cloud-based document storage supports streamlined reviewing, comprehensive edit tracking, and quick file sharing. Because the files are accessible from any location, they also enable modern organizational models like distributed and remote work.
• Enhanced security: Paper information can be difficult to monitor, secure, and safeguard. Determining who has viewed what paper documents is challenging without extensive security systems or admin-heavy checkout processes. Unless they’re kept in a secure location at all times, essential documents can be stolen off a desk, destroyed in an office fire, or permanently misplaced. Electronic files, on the other hand, are easier to monitor, harder to destroy, and simpler to keep track of when a business uses an online document storage system.
• Reduced costs: Storing physical documents can be expensive, especially for law firms, healthcare companies, and other businesses working in paper-centric industries. This traditional method can gobble up costly office space, require additional security, and create time-consuming manual processes. Electronic document storage can be accessed, stored, and secured more easily, significantly reducing costs.
• More consistent workflows: Developing effective and consistent information processes is tricky with paper. Companies that use online document storage and document management systems can roll out new formatting standards, adopt improved workflows, and enforce best practices at scale without as much managerial legwork.
• Higher productivity: Transporting, printing, mailing, and searching through paper documents is often labor intensive, diverting your team’s attention from higher-value tasks. Online document storage systems can allow businesses to reclaim all that wasted effort and boost their overall productivity.

Challenges of online document storage

While digital storage has many security advantages, it does have its own set of challenges. Documents hosted online can't be destroyed in a fire, but they can be deleted by a malicious computer program. From configuration to data governance, online document storage may present a few challenges:

• Configuration: Misconfigurations in online document storage are errors in the setup of the storage system that potentially leaves the system vulnerable to exploitation. Poorly implemented access controls are one of the most common misconfigurations, and this issue can allow important or sensitive documents to be seen, destroyed, or stolen by cybercriminals.
• Security controls: Cybersecurity controls help organizations safeguard their online documents by spotting threats, protecting the data from compromise, and mitigating the impact of an attack should a breach occur. These controls, which can include a mix of policies, physical measures, and cybersecurity technology, are also relatively easy to implement incorrectly.
• Data governance: Data governance in online document storage is how organizations manage electronic files throughout their entire lifecycle, from file creation all the way to deletion. Companies without established data governance standards can allow cybercriminals to access their information due to incomplete file elimination practices, unencrypted data, and other data management issues.

What are document storage companies?

Document storage companies create and implement document management strategies for businesses that may not have the resources to do so in-house. Many document storage companies target fields with specialized compliance standards, such as legal, healthcare, construction, and education.

Working with a document storage service ensures your documents and records are effectively and consistently organized, tracked, and managed. That makes it faster and easier to retrieve those files and share them with both clients and auditors. Hiring a storage service also shifts some potentially onerous compliance requirements onto a company whose sole responsibility is to meet them. An experienced, trustworthy service can reduce the risk of confidentiality or privacy leaks.

There are dozens of reputable document storage companies to choose from, so you should do some research and see which ones serve your industry. As a starting point, Ricoh has partnered with dozens of services, including Clio for law firms, SmartVault for finance, and Hyland for general content management.

Our recommendation: RICOH Document Scanners and PaperStream Capture Pro software

The right scanning software is critical in a business document storage strategy. Ricoh's PaperStream Capture Pro offers accurate OCR, nuanced metadata tagging, automatic file sorting, and structured data extraction. With these features, businesses can automate document workflows, minimizing human oversight and freeing up employees for more demanding work. PaperStream AI takes these capabilities a step further, capturing and classifying data at scale to further support your document workflows and data analysis.

Of course, great software needs the right hardware behind it. If you're an individual, home office, or small business digitizing receipts, contracts, and everyday paperwork, the ScanSnap line of scanners is built for exactly that: fast, easy-to-use scanning that gets documents organized without a steep learning curve. For medium to large organizations with higher-volume, mission-critical capture needs, the fi Series delivers the speed, durability, and integration capabilities that healthcare, government, financial services, legal, and other document-intensive industries rely on.

Contact us today to learn more about how Ricoh hardware and software can power your business's digital transformation.

Note: Information and external links are provided for your convenience and for educational purposes only, and shall not be construed, or relied upon, as legal or financial advice. PFU America, Inc. makes no representations about the contents, features, or specifications on such third-party sites, software, and/or offerings (collectively “Third-Party Offerings”) and shall not be responsible for any loss or damage that may arise from your use of such Third-Party Offerings. Please consult with a licensed professional regarding your specific situation as regulations may be subject to change.